One dealer opt in for composition from regular. He has stock and credit in credit ledger. Now query is whether he has
to pay tax on stock and is it mandatory to file ITC03 within 30 days. If not file within 30 days ,any penalty?
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Composition Dealer
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if u don't file it on time , you won't get the credit of input in stock
Yes he has to reverse his input credit lying in his ledger. this can be done either by adjusting it through sales or by paying it through cash ledger. in other words he has to nil his stock.
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